We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
parents to son mortgage
jontedkes
Posts: 68 Forumite
Can anyone offer advice on our situation please. My husband and his ex-wife jointly own the house she still lives in. Their youngest son also lives there and is toying with the idea of buying the property. He has asked if he could pay us a set amt per month rather than taking a mortgage out, but that would have tax implications for us. He doesn't have the funds for a large deposit, are there any 100% mortgages left out there? Is it a possibility to, for example, have the house valued then sell him it at 90% of the value using the other 10% as a deposit? Are there any other options that anyone can throw in? Any help would be gratefully received. Thank you
0
Comments
-
There are no 100% mortgages left.
You could do as you say, sell it to him, and effectively "gift" him the 10%, not all lenders will allow this though.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards